Benalec Holdings Bhd is likely to secure its first offtaker for its proposed petroleum and petrochemical hub and maritime industrial park, as per the star.com.my. Benalec is likely to undertake a private placement to fund its reclamation contracts for developing the park. It has secured the rights to reclaim and own 1,760 acres land in Pengerang and 3,485 acres in Tanjung Piai from the Johor government. International consultants are likely to be appointed soon to undertake the various technical and feasibility studies for the project. Construction for Phase One is scheduled to commence by Q2-2012.
These projects are located close to Jurong Island in Singapore that is presently the third-largest oil trading hub in the world. Tanjung Piai could complement the vibrant petrochemical hub on Jurong Island, which is already overcrowded.